BENGALURU: Fincare Small Finance Bank (SFB) has been awarded the prestigious Celent Model Bank 2019 Award in the category of Financial Inclusion, for ‘Redesigning Lending to Reach Small Businesses’. The award recognizes LAP (Loans Against Property) D.Lite, a tab-based solution designed and developed in-house by Fincare SFB for origination and instant underwriting of Loans against Property targeted at micro and small enterprises.
LAP D.Lite is one of the 22 initiatives from around the world to receive this award which featured 140 nominations from 80 institutions from 30 countries. Some of the other Banks to receive the award in other categories include Bank of America, CIBC, Fidor Bank, HSBC, Rabobank, and Santander among others.
Celent is a research,advisoryand consulting firm focused on financial services technology, and is a part of the Oliver Wyman Group, a wholly owned subsidiary of Marsh & McLennan Companies. The firm launched the Model Bank awards 12 years ago and recognizes achievement of financial institutions for best practices in usage of technology in banking.
Mr. Rajeev Yadav, MD& CEO of Fincare Small Finance Bank said, ‘It is a proud moment for Fincare Small Finance Bank to be awarded theCelent-Model Bank Award 2019.Fincare is the only and first Small Finance Bank to receive this award. This award is a testimony to Fincare’s continuous efforts at building technology solutions that enable better access to financial services to small businesses’.
Launched in July 2017, Fincare Small Finance Bankoffers fixed and recurring deposits, savings accounts and current accounts, with interest rates of up to 9% p.a. on fixed deposits, going up to 9.5% for senior citizens, and up to 7% p.a. on savings accounts. The Bank also offers fund transfers through NEFT, RTGS, IMPS, NACH as well as bill payment facilities. On the assets side, the bank provides loans against property, loans against gold, two-wheeler loans and affordable housing loans at competitiverates.
Fincare Small Finance Bank commenced banking operations on the 21stof July, 2017, after receiving the final license from the RBI in May 2017 under Section 22 of the Banking Regulation Act, 1949. Fincare SFB enables financial inclusion of the under banked base of pyramid, mass retail and micro & small enterprise segments. It also serves the banking needs of banking-savvy consumers across metro, urban and semi-urban markets. As of March 2019, Fincare SFB serves, over 15 lakh customers in 12States and 1Union Territory.